The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.
Property sales in Cyprus have collapsed as a result of the coronavirus pandemic to a level only seen once before when the events of March 2013 made Cyprus a household name around the world.
A creeping landslide is slowly destroying a further five homes at Armou in Paphos and there are ominous signs that they will eventually be served with banning orders like the six declared uninhabitable in 2012.
The construction sector in Cyprus recorded the biggest drop in production year-on-year in the European Union member states according to a report published by Eurostat this morning.
The Registrar of Companies has been reported as saying that one in four construction firms in Cyprus are going bankrupt due to the pressure caused by the island's financial crisis.
The number of properties sold in Cyprus continued to fall in August dropping 16 per cent compared with August 2012 according to figures published by the Department of Lands and Surveys.
A committee of inquiry has heard how unsecured loans were granted to some big names in the property development sector following pressure from high ranking executives in the Bank of Cyprus.
